Buying a property

💰1. Set Your Budget

• Determine how much you can afford and meet with a mortgage broker or lender get pre-approved for a mortgage

• Minimum down payment: 5% for homes under $500K; 5% on the first $500K and 10% on the rest for homes over $500K, and 20% for homes $1.5 million and up

📋2. Find a Real Estate Agent

• Hire a licensed agent to help you find properties, negotiate, and navigate paperwork

🏡3. Search for Properties

• Your agent will help you browse listings online and attend open houses. Focus on whatever is most important to you (location, price, and future resale value)

.🧾4. Make an Offer

• Your agent submits an Offer to Purchase with the price and conditions (e.g., home inspection, financing)

• Seller may accept, reject, or counteroffer

✍️5. Sign the Agreement

• Once terms are agreed upon, sign the Agreement of Purchase and Sale (APS). This legally binds you to the deal

🧑‍⚖️6. Hire a Lawyer

• A lawyer reviews documents, performs a title search, and ensures everything is legally sound

🔎7. Arrange Home Inspection

• Optional but recommended, especially for older homes, to check for major issues (e.g., structural, electrical)

💸8. Secure Financing

• Finalize your mortgage with the lender and arrange home insurance

📖9. Review Closing Documents

• Your lawyer will provide a closing statement detailing fees like Land Transfer Tax, legal costs, and any adjustments

🤝10. Close the Deal

• On the closing date, funds are transferred, the title is officially transferred, and you get the keys!

🕓11. Post-Purchase

• Pay property taxes, ensure home insurance is active, and understand your ongoing costs (e.g., utilities, maintenance)